Which of the following accounts would be closed at the end of the accounting period?
A)Capital
B)Accumulated Depreciation
C)Prepaid Rent
D)Depreciation Expense

Question

Quizplus · Accepted Answer

Depreciation Expense is a nominal account (income statement account) that is closed at the end of the accounting period to transfer its balance to the income summary or directly to the retained earnings account. Capital, Accumulated Depreciation, and Prepaid Rent are all real accounts (balance sheet accounts) that are not closed at the end of the accounting period.

Which of the Following Accounts Would Be Closed at the End